Global Economy and its Consequences on Socioeconomic Environment of India

Abstract

After the collapse of socialistic system in the Soviet Union and Eastern Europe, U.S. led Capitalistic Philosophy began to stretch its feet in the global world. Infact globalization has brought a great revolution in the advanced technology (Specially in Communication), democratic thoughts and culture, productivity (Cheaper Goods), new knowledge areas and ideas etc., but it has also given several problems to the society i.e. pollution, crime, corruption, unemployment, poverty, cut-throat competition and cultural degradation and social injustice and so on. Consequently under the global economy richer class has become more richer and man has lost “we feeling” and communal social relationship. As a whole the network of the socio-economic environment has been revolutionized.